Tag: Data breaches

Cyber Breaches Pose Risk of SEC Enforcement Actions, Derivative Suits to Public Companies | The Legal Intelligencer

Cyberattacks are on the rise and continue to pose a serious threat to public companies across every sector. In 2021, ransomware attacks increased 13%, and over a million phishing attacks were reported in the first quarter of 2022. Not only has the volume of attacks increased, but the attacks themselves also have become more sophisticated, which increases the likelihood of…

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Baker & Hostetler Steps In for Marriott in Data Breach Class Actions | Law.com

On Tuesday, Baker & Hostetler’s Daniel Warren, a partner in Cleveland, filed a court appearance to represent Marriott before the U.S. Judicial Panel on Multidistrict Litigation, which is hearing arguments on Jan. 31 in Miami over whether to coordinate the cases spurred by the event. Lawyers have filed about 50 class actions since the breach, which compromised personal information such as the…

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Dismissal Motion Granted in PayPal Data Breach-Related Securities Suit | The D&O Diary

As I have noted in several recent posts, plaintiffs’ lawyers seem to have a renewed interest in trying to pursue securities class action lawsuits against companies that have experienced a data breach. Just to cite one recent example, as discussed here, within a day of Marriott’s recent high-profile announcement of a data breach involving its Starwood unit’s customer database, plaintiffs’…

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COLUMN-Will Equifax securities class action break jinx for shareholders?: Frankel

But for the most part, as Kevin LaCroix explained Wednesday at the D&O Diary blog, shareholder lawyers haven’t even bothered bringing securities class actions against big corporations that left confidential data vulnerable to hackers because company shares didn’t drop after data breach disclosures. There’s no point suing unless you can show investors lost money. Equifax is a different story. The…

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Equifax Data Breach Litigation Now Includes Securities Suit | The D&O Diary

In the wake of credit monitoring and reporting firm Equifax’s announcement last week that it had sustained a data breach involving 143 million U.S. customers, a wave of consumer class action lawsuits has followed. In addition, the litigation wave now also includes at least one securities class action lawsuit; more securities suits are likely to follow. Although data breach-related D&O…

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Yahoo’s Warning to GCs: Your Job Description Just Expanded (Big-Time)

While some may view this as an exceptional case driven by its unique facts, the actions taken by Yahoo’s board and the company’s public disclosures underscore a more significant and noteworthy trend as it relates to the role of the legal function, corporate governance, in general, and cybersecurity, in particular. Namely, that cybersecurity issues continue to shift away from the IT…

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Latest hacking news heightens cybersecurity concerns – Pensions & Investments

Third-party administrators for alternatives managers are double- and triple-checking their cyber defenses following revelations that two firms in the past six months have been hit by hackers. Sources would not name the firms that were subject to email phishing but said both attempts were thwarted before any information was accessed. via Latest hacking news heightens cybersecurity concerns – Pensions &…

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March 15 Webcast: What Every Legal and Compliance Professional Should Know About Data Breach Response

… In order to meet this growing client need, legal and compliance professionals must first understand the intricacies of a data breach response. This webcast fills that critical gap — reviewing data breach response workflow in plain English, designed exclusively for legal and compliance professionals who want to take the lead of, or assist with, data breach response engagements and…

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SEC To Take A Closer Look At Yahoo Breaches | PYMNTS.com

Adding to its mounting list of headaches — Yahoo is now facing a probe from the Securities and Exchange Commission as to whether or not it could have acted more promptly in response to two massive data breaches that left over a billion customers’ information compromised. Specifically, the SEC is curious as to whether Yahoo’s disclosures about the cyberattacks complied with…

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